Company name
Luminova Pharma Alliance Inc.
Project number
13671-01
Category B projects have potential environmental and/or social impacts and risks that are less adverse than those of a Category A and which are generally limited to the project site, largely reversible and can be mitigated via measures that are readily available and feasible to implement in the context of the operation.
E&S category 
B
Country
Guatemala
Sector
Manufacturing
Status
In implementation
Disclosed date
07/12/2022
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
10/26/2022
Approval date
10/28/2022
Signed date
12/15/2022
Sponsoring entity
N/A
Team leader
Briceno, Beatriz
Investment type
Syndicated amount
N/A
Financing amount
USD $ 10,000,000
Currency
USD
Project scope and objective
The transaction consists of a credit facility in favor of Luminova Pharma Alliance Inc. ("Luminova") to fund entry and growth working capital, primarily for new markets and products. It is a medium-term loan of up to 3 years, renewable for a similar term at IDB Invest's discretion. This will allow entry into new countries where appropriate grace periods are required to raise volume and recover initial investments, while renewability helps in a second stage of market consolidation.
The use of funds includes preliminary opening, registration, and formulation investments in several Latin American countries, an investment component in one of its treatment plants—which is key to achieving compliance standards—and the launch of a new line of non-branded generic drugs, providing access to populations with limited or no access to quality, low-cost drugs.
Luminova is a pharmaceutical company based in Guatemala, a producer of branded generic drugs with distribution and sales activities in Central America, part of the Caribbean, and South America.
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Contact information
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Client Contact
CONTACT NAME
Renato Agustin
POSITION
Chief Financial Officer
PHONE NUMBER
(502) 2422-7575
ragustin@luminovapg.com
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
LUMINOVA ENVIRONMENTAL AND SOCIAL REVIEW SUMMARY (ESRS)
256.0 Kb
LUMINOVA ENVIRONMENTAL AND SOCIAL ACTION PLAN (ESAP)
163.8 Kb